Boot Barn, Inc., the nation's largest western and work wear specialty retailer, has been acquired by affiliates of Freeman Spogli & Co. and management. Boot Barn was previously a portfolio company of investment firm Marwit Capital.
Founded in 1978, Boot Barn has grown from one store in Huntington Beach, CA, to 85 stores in eight states and a growing online presence at www.bootbarn.com . Boot Barn offers western and work boots, jeans, shirts, outer wear, protective work wear, accessories, belts and jewelry. For over 30 years, Boot Barn has solely focused on providing the largest selection of quality, top-brand products including Wrangler, Ariat, Justin, Carhartt, Wolverine, Levi's and Resistol at the best prices.
“We are excited to partner with Freeman Spogli as we embark on the next chapter of our growth plan. Freeman Spogli's expertise in the retail and consumer industries will be an important resource to us as we grow into new markets and expand our e-commerce presence,” said Patrick Meany, chief executive officer of Boot Barn, Inc.
The existing management team, led by Patrick Meany, will continue to manage and operate the business.
“Patrick Meany and the entire Boot Barn team have done a fantastic job establishing Boot Barn as the leading destination for authentic western and work wear,” said Brad Brutocao, a General Partner of Freeman Spogli. “Boot Barn's customers value the company's broad selection, strong customer service and convenient shopping options both in stores and online. We are pleased to become a long-term investor in the company and look forward to helping Boot Barn continue its growth.”
Marwit acquired Boot Barn in September 2007 in partnership with CEO Patrick Meany. Marwit orchestrated three strategic add-on acquisitions during the height of the credit crisis in 2008, adding 45 stores in the process, facilitated the opening of 13 profitable new locations, backed the implementation of a new internet platform and ecommerce strategy, expanded the retail store footprint from three to eight states, and made substantial new investments in facilities, key employees and systems.
Marwit and management's growth initiatives helped drive impressive results at Boot Barn, which had revenue growth of 166 percent and EBITDA growth of 250 percent during the firm's four-year hold period. During this time, Boot Barn grew to become the undisputed leader in the retail western and work wear industry.
“The management team at Boot Barn, led by CEO Patrick Meany, executed the growth plan and Marwit's vision for this business virtually flawlessly during our tenure as owners, and helped Marwit drive a superior investment result. This was particularly noteworthy considering it was accomplished during a challenging economic period,” said Chris Britt, Marwit Managing Partner.
Added Marwit Partner David Browne, “Boot Barn is very well positioned for continued success and its next leg of growth. We are extremely excited for Boot Barn and its management team as it moves forward with excellent new partners.”
Boot Barn operates 85 retail stores in California, Nevada, Oregon, New Mexico, Arizona, Wyoming, Montana, and Colorado.
